Budget 2023: FOCUS ON LGDS WILL NOT IMPACT MINED DIAMOND SEGMENT ADVERSELY
Diamond World|January - February 2023
While Budget 2023 has undoubtedly made tangible concessions to the Lab-Grown Diamond segment, mined diamonds are not likely to suffer as a result. The market for the two is different, and there is ample space for them to co-exist, point out Vijetha Rangabashyam and Suneeta Kaul
Budget 2023: FOCUS ON LGDS WILL NOT IMPACT MINED DIAMOND SEGMENT ADVERSELY

In her Budget 2023 speech on February 1, Union Finance Minister Nirmala Sitharaman made a statement that made gem and jewellery industry players sit up and take notice she announced the removal of the 5% customs duty on seeds used to manufacture rough LabGrown Diamonds (LGDs), thus ensuring duty-free import of the raw material of LGDs.

That was not all. With the aim of cutting dependence on imports, she went on to announce a five-year grant of Rs 242 crore to IIT Madras to give a fillip to the domestic production of LGD seeds, and the machinery used to create LGDs. "India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is moving towards Lab-Grown Diamonds, and it holds huge promise. To seize this opportunity, I propose to reduce basic customs duty on seeds used in their manufacture.

"To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years," Sitharaman said.

UNION FINANCE MINISTER NIRMALA SITHARAMAN IN HER BUDGET 2023 SPEECH

India is a global leader in cutting and polishing of natural diamonds, contributing about three-fourths of the global turnover by value. With the depletion in deposits of natural diamonds, the industry is moving towards Lab-Grown Diamonds, and it holds huge promise. To seize this opportunity, I propose to reduce basic customs duty on seeds used in their manufacture. To encourage indigenous production of LGD seeds and machines and to reduce import dependency, a research and development grant will be provided to one of the IITs for five years.

HUGE IMPETUS TO LAB-GROWN DIAMONDS

Denne historien er fra January - February 2023-utgaven av Diamond World.

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Denne historien er fra January - February 2023-utgaven av Diamond World.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

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